• Prior was +3391K
• Gasoline +5977K vs +1705K exp
• Distillates +3349K vs -162K exp
• Refinery utilization -2.0%

Oil is at the lows of the day following this report, with WTI crude oil down $1.30 to $59.31.

Private inventories late yesterday:

• Crude: +3.04 million

• Gasoline: +6.2 million

• Distillates: -33,000

There have been a number of large builds in US supply lately and that’s a harbinger of some pain in the oil market once the geopolitical scene settles down. Peace in Ukraine is a further downside risk for oil.

For background:

The Weekly Petroleum Status Report (WPSR), published by the U.S. Energy Information Administration (EIA), is arguably the most influential set of energy data in the world. Released every Wednesday at 10:30 a.m. ET, it provides a comprehensive snapshot of the U.S. oil supply chain, covering crude oil inventories, refinery operations, and fuel production.

The report serves as the official government audit of the nation’s energy balance. Unlike voluntary industry surveys, the EIA has the legal authority to mandate reporting from approximately 1,200 entities, including refineries, pipelines, and bulk terminals. This ensures high-quality data that market participants use to estimate “implied demand”—calculated by tracking how much product has left the primary supply chain.

Traders and policymakers focus on several “market-moving” indicators within the report:

• Commercial Crude Stocks: The change in the number of barrels held by U.S. firms.

• Refinery Utilization: The percentage of capacity refineries are currently using.

• Product Inventories: Stockpiles of gasoline, distillate (diesel/heating oil), and jet fuel.